How did hedge funds perform in 2024?

The PivotalPath Composite Hedge Fund Index returned 10.6% in 2024. Equity Sector leads at 14.9%; Volatility Trading is weakest at 2.7%.

2024 returns by strategy

2024 calendar-year returns are cumulative within the year, not annualised, and are therefore not comparable figure-for-figure with the annualised columns beside them.
Index	2024	3y ann.	5y ann.	Volatility	Correlation to S&P
Equity Sector	14.9%	20.0%	9.0%	8.4%	0.72
Equity Quant	14.5%	10.7%	9.5%	4.5%	0.42
Equity Diversified	12.6%	13.6%	7.8%	7.0%	0.81
Multi-Strategy	11.3%	10.3%	7.5%	4.2%	0.48
Composite	10.6%	11.0%	7.2%	4.8%	0.62
Credit	10.6%	8.4%	6.5%	4.9%	0.52
Event Driven	10.5%	11.4%	6.6%	6.9%	0.66
Global Macro	6.4%	7.6%	7.0%	5.9%	0.04
Managed Futures	3.0%	3.2%	4.7%	9.3%	-0.16
Volatility Trading	2.7%	3.7%	4.4%	5.0%	-0.20
S&P 500 Total Return	25.0%	—	—	—	—

What happened

The S&P 500 total return was 25.0% over the same period, so the Composite finished behind the market. The spread between the strongest and weakest strategy was 12.2% — which is the figure an allocator selecting between them is exposed to.

A single calendar year is a short window and says little about a strategy’s long-run behaviour. The since-inception figures are on each index page.

Returns by year, every year

Returns are monthly, net of all fees, in USD. The complete return history is published free under a Creative Commons Attribution licence at github.com/pivotalpath/publicdata, and the full construction methodology — including the treatment of selection, survivorship and backfill bias — is in the index methodology. Past performance does not predict future returns.